Hong Kong Case Law: Decisions & Judgments | LexChat

Hong Kong Case Law

Trustee discharge

  • 21 Apr 2023

    RE XIN HUA SECURITIES (HONG KONG) LTD

    Citation
    [2023] HKDC 579
    Court
    District Court
    Case number
    DCMP252/2023

    The court has jurisdiction under section 62 Trustee Ordinance and Order 92; the applicant demonstrated reasonable efforts to contact the four clients and established that the unclaimed sums are held on trust; accordingly the court granted leave to pay the apportioned balances into court, allowed deduction of apportioned costs (summarily assessed), ordered the applicant to give specified notices and declared that compliance will discharge the applicant's obligations.

  • 4 Nov 2020

    RE GOLD FUND SECURITIES CO LTD

    Citation
    [2020] HKCFI 2884
    Court
    Court of First Instance
    Case number
    HCMP1705/2020

    The applicant established it held the Unclaimed Assets as trustee and demonstrated reasonable endeavours to contact beneficiaries; accordingly, under section 62 Trustee Ordinance the court ordered payment of cash and deposit of withdrawable certificates into court, and authorised sale/disposal of negligible value unwithdrawable securities with proceeds to be paid into court, subject to advertised and direct notice to customers and discharge of the applicant on compliance.

  • 6 Jul 2018

    RE ABN AMRO BANK N.V.

    Citation
    [2018] HKCFI 1559
    Court
    Court of First Instance
    Case number
    HCMP280/2018

    Assets in the Residual Accounts (other than cash) are held on trust; the applicant demonstrated it took reasonable steps to contact beneficiaries and to notify them of the proposed orders; accordingly court granted leave to pay into court those assets which can be deposited (physical share certificates), leave to sell or otherwise dispose of assets that cannot be paid into court with proceeds to be paid into court, leave to dispose of illiquid items (including forfeiture), directed public and personal notice under Order 92, and discharged the applicant from obligations on compliance with thos…

  • 4 Jan 2018

    RE X LTD

    Citation
    [2018] HKCFI 15
    Court
    Court of First Instance
    Case number
    HCMP1658/2017

    The court found the assets were trust property and that the applicant had taken reasonable steps to contact and identify beneficiaries; accordingly, under section 62 the court authorised sale or disposal of the unclaimed securities and dividends with proceeds paid into court, permitted delivery of share certificates to the Registrar after three months if unsold, allowed disposal of minimal/expired dividend cheques, and discharged the applicant from further obligations in respect of those assets.